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Tuesday, September 13, 2011

Proposed Change to Limit Individual Charitable Deductions

Posted by Armanino Nonprofit Team

President Obama submitted his American Jobs Act to Congress this week. One of the main tax items proposed is to limit the itemized deduction, which includes charitable deductions, to 28% of a taxpayers’ taxable income. This would apply to joint filers with adjusted gross income over $250,000 and single filers with adjusted gross income over $200,000. This is expected to be one of the largest revenue generators worth about $250-300BB over 10 years. If you want to find out if your individual charitable contribution could be limited, please consult your personal tax advisor. How do you think this will impact your nonprofit organization?

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